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H
Hagerty
Classic Car Insurance
How Hagerty Increased Policy Conversions by 67% with AI-Powered Collector Segmentation
📈
67%
increase in policy conversion rate
💰
43%
reduction in customer acquisition cost
Project Overview
INDUSTRY
Classic Car Insurance
CHALLENGE
High CAC and low conversion rates in niche classic car market
SOLUTION
AI-powered collector behavior prediction and segmentation
TIMELINE
6 months implementation + ongoing optimization
The Challenge: Finding Classic Car Collectors in a Niche Market
Hagerty, the world's largest provider of classic car insurance, was struggling to efficiently identify and target high-value classic car collectors. Their traditional demographic targeting was too broad, resulting in high customer acquisition costs and low conversion rates.
Key Challenges:
- Customer acquisition costs were 340% higher than industry average
- Conversion rates from digital advertising were below 0.8%
- Difficulty distinguishing serious collectors from casual enthusiasts
- Limited visibility into customer lifetime value at acquisition
- Inefficient budget allocation across marketing channels